Project Management Chapter 5

The process of forecasting of approximating the time and cost of completing project deliverables is called

• Budgeting

• Predicting

• Estimating

• Planning

• Guesstimating

In practice, estimating processeses are frequently classified as

• Top down / bottom up

• Rough/polished

• Precise/order of magnitude

• Draft/final

• Broad/specific

What is the relationship between organizational culture and estimating

• There is no relationship

• Cultural norms affect the accuracy of estimates

• Culture determines whether estimates are made

• Estimating alters cultural norms

• Estimating and culture are independent

A good starting point for developing time and cost estimates is

• Past experience

• Work packages

• Task analysis

• Time and motion studies

• Work breakdown structure

Which of the following is NOT one of the factors that need to be considered to improve quality of estimates for project times and costs?

• Planning horizon

• People

• Padding estimates

• Profit

• Project structure

Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that the projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?

• Padding estimates

• Project duration

• Project structure

• People

• Organization culture

Companies are using which of the following for improving the estimating process for future projects?

• Adjusting estimates based on individual forecasting abilities

• Bench marking and using the experience of other companies

• Using time and motion studies

• Creating historical database of previous projects

• Establishing an estimating training course for all employees

Reasons why estimating time and cost are important include all of the following EXCEPT

• To schedule work

• To determine how long the project should take cost

• To develop cash flow needs

• To determine how well the project is progressing

• To help establish a project selection process

The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to current project is known as

• Detailed WBS work package estimates

• Template method

• Function point method

• Time-phased cost estimates

• Phase estimating

Which of the following top-down methods is used when projects closely follow past projects in regard to features and costs of those features, and result in costs being assigned by percentages to major segments of the project?

• Apportion

• Function point

• Phase estimating

• Learning curve

• Consensus